The U.S. Mint spent 3.69 cents per penny minted in 2024, totaling 3.2 billion pennies. However, most of the metal used in pennies is zinc, not copper. President Trump recently announced he will halt production of pennies, a move that won’t impact Arizona’s copper industry, which provides 70% of American copper. Despite the sentimental value of the penny, its production costs more than the coin is worth, leading experts to call for its elimination. The cost of producing a penny has exceeded its value for the past 19 years. The penny contains only 2.5% copper, with the rest being zinc. The 3.2 billion pennies minted in 2024 cost taxpayers about $118 million to produce, with only $1.8 million worth of copper used. Arizona lawmakers have advocated for phasing out the penny, but resistance remains due to concerns about rounding in transactions. Other countries such as Canada, Australia, and New Zealand have already stopped circulating their one-cent coins.
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